The University of Montana processes all student refunds electronically. New students will receive detailed instructions and information regarding the UM Refund Choice in a bright green envelope (pictured below); this is your key to select a refund choice/preference. If you obtain loans, grants or scholarships to attend school, you may receive more money than you need to pay your tuition and other school-related expenses. If a credit balance remains on your account after all charges have been paid, you will be issued a refund. Even if a student doesn’t expect to receive a refund, it is important to select a preference. A credit balance may occur due to a dropped or cancelled class, a change in meal plan, etc. If all charges have been paid, a refund will be processed for the amount of the credit balance and sent according to the instructions provided by the student.

You will be provided with a unique refund key code that will allow you to complete a form online that requires you to provide account information regarding the bank of your choice for a direct deposit.

Additionally, the electronic refund program offers an option for students to open an FDIC insured online checking account with access to free ATMs on campus through our strategic partner, Higher One. With this in mind, we offer this resource which includes a section on selecting a bank account that is right for you: Banking your Money

Higher One offers an online checking account. It is not required that you use the Higher One account to receive you electronic refund. You may choose to use your existing bank account or open an account at any bank or credit union.

When you get money, whether it’s from grants or scholarships paid directly to you, your Work-Study job, or your parents or guardians, it's best to deposit the money into a bank checking or savings account. Keeping your money in the bank is safer than cashing checks—and much safer than keeping cash in your room or in your wallet.

Click here for more information on banks and banking, how to choose the right bank or credit union, find the account that meets your needs, and manage your account wisely.

Note: Once you complete these steps, you will be sent an email summarizing your choice. You will also receive an email asking you to confirm your email address. This email will contain a confirmation code. It is important to confirm your email as this provides you with added security and ensures that you will receive necessary information.